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Top Overnight News

Scott Bessent says tariff negotiations are result of massive inbound calls, not the market: CNBC interview

Scott Bessent told Fox that “everything is on the table” in tariff talks, but deals probably won’t be reached before the April 9 start date. He said Japan would get priority after swiftly reaching out to the US. BBG

Bessent having some success steering the White House tariff messaging away from permanence and toward negotiations after warning Trump of further market losses. Politico

White House considers withdrawing 10K US troops from Eastern Europe, a move sparking alarms in the region given Russia’s aggression. NBC News

US tariffs reportedly threaten almost USD 2tln of investment pledges by global companies: FT.

Republicans increasingly embrace the idea of raising upper-income individual tax rates as they scramble to find revenue for their reconciliation bill. BBG

US Secretary of State Rubio discussed US reciprocal tariffs on India and how to make progress towards a fair trade relationship in a call with his Indian counterpart: State Department.

China vowed to fight the trade war “to the end” and took steps to prop up its markets. The PBOC eased yuan controls — signaling tolerance for currency depreciation — while a group of state-linked funds scooped up equities. BBG

China increases measures aimed at stabilizing the stock market – the PBOC will provide more liquidity to back purchases by the country’s SWF while insurers will be allowed to dedicate more funds to the equity market. SCMP

Japan emerged on Tuesday as the first major economy to secure priority tariff negotiations with Donald Trump, highlighting its status as Washington’s biggest creditor and investor and triggering a 7 per cent surge in Tokyo-listed stocks. FT

Business leaders are worried tariffs may reignite inflation and supply disruptions, the Chicago Fed’s Austan Goolsbee told CNN. Any massive retaliation could send the economy back to the conditions of 2021-22, when inflation was “raging out of control.” BBG